Keep your spending in check.

books:

	• The Millionaire Next Door Thomas J. Stanley, William D. Danko Pocket, 1998 - 272 pages average customer review:based on 794 reviews view larger image
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highly recommended

A bit repetitive.

Millionaires don't spend as much as we think and don't live a lavish life. That's why they are millionaires. Most drive second hand cars or drive the same car for over 10 years. They live in middleclass neighborhoods and don't wear expensive clothes or jewelry. One must be frugal to become a millionaire.

This book will show you how to make a million, and keep it! There are some simple rules to follow, such as to live well below one's means and choosing the right occupation. According to the authors, anyone can accumulate wealth. All that is needed is discipline, determination, and perseverance. And above all, to be frugal!

But we are all going to die one day, right? So shouldn't we enjoy our lives? Sure we have to save money for our retirement and for our kids' schooling, but we can easily do that by not being millionaire! Just a thought.

I did enjoy reading the book and found it to be scholarly written. But to be honest, I gave up reading it about two-thirds of the way through. It was too repetitive; the message is the same. To be a millionaire you must save more and spend less. I will start saving more, but not too much more. Life is too short to be a miser with one's self.

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AWESOME BOOK

I found this book to be very interesting. I read alot of books and as this concept is common sense it does give you insight on how others made their money and kept it.

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Keep your spending in check.

This book is and should be considered required reading for...well, really for everyone, but at the very least for entrepreneurs and anyone interested in personal finance. The point is not just that there are average-looking people who live near you and just happen to be millionaires. The point is that you almost have to be average-looking to ever become a millionaire in the first place.

Stanley and Danko back up all their claims with statistics, and provide a lot of information about who the affluent of America really are. It becomes incredibly obvious how one should build wealth in this country. There is no trick to becoming affluent. You simply have to spend less than you earn. I don't mean a little bit less. If you live well below your means, you can save millions before you retire easily on even a modest yearly income.

I personally like the equation given to measure your expected net worth.
Expected Net Worth = Age * Pretax Annual Income ÷ 10

If you are over this amount, you are a "prodigious accumulator of wealth" (someone who saves more than the average for their income and age); if you are under this amount you are an "under accumulator of wealth" (someone who saves less than average for their income and age). Where do you fall? Simply multiply your age by your pretax annual income and divide by ten. That is your expected net worth. Oh, and don't forget to subtract from your net worth any inheritances that you have received. Money that you did not actually earn does not count.

Prodigious accumulators of wealth are those who are or will become your millionaire next door. What may surprise you is that many of those who live in fancy houses, drive expensive cars and wear trendy clothes and accessories are really not very wealthy at all. In fact most of them are under accumulators of wealth. Despite their six or seven figure incomes, they couldn't live off their savings for more than a few months.

The mindset you have to have is that you want to become wealthy in order to be financially independent, to protect your family and to manage your own future. You will then budget, save and plan your personal finances. If you just want to have fancy toys, go ahead, but don't fool yourself into thinking you are or ever will become financially independent without working to become so.

--
Cat Cromar
www.astartuplife.com/category/book-reviews

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Very Informative

The authors have done their research. This book provides valuable information for anyone who wants to learn how to make money and keep it.

reviews: 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, page 14, 15, 16, 17, 18, 19, 20

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